NOS has replaced the USD 30 million policy with Axis with a new policy of the same size through Global Clearing & Settlement Advisors (“GCSA”), the leading provider of capital solutions for the clearinghouse industry. The policy is effective for 12 months and is backed by 4 insurers with a S&P rating of A+. Any loss resulting from member defaults in excess of USD 40 million is covered by the policy. NOS Clearing has for nearly ten years bought Soft Capital insurance from a number of insurers. These policies effectively strengthen the counterpart capital structure of NOS Clearing to the benefit of our clearing members.